Since May 2010, the auctions have been a cash cow for the city. In more than 15 auctions, 1,538 cars have been sold pumping more than $1 million into the city’s general fund.

The cars have all been discarded on neighborhood streets or left unclaimed by residents who have racked up parking fines and fees. 6,077 vehicles have been towed so far in 2014 in New Orleans, city officials said.

The auction will be held at the Almonaster Auto Pound in New Orleans East at 10200 Almonaster Avenue. It begins at 9 a.m. Thursday. Interested buyers can register and preview the cars Wednesday from 9 a.m. until 4 p.m. Brown’s Auction Company will conduct the auction.

Below are the city’s requirements for purchasing a vehicle:

*Cash or cashier's check required

*Payment must be received on the day of the auction. If payment is not received, the purchased vehicle will be placed on the list for the next scheduled auction, the buyer's $50 deposit is forfeited and the bidder is barred from participation in future auctions.

*A $50 administrative fee will be added for each purchased vehicle which gives the buyer a notarized title to that vehicle

*City employees and relatives of City employees are forbidden from purchasing any vehicles at the auction.